A loan of $1000 for one year carrying a simple interest rate of 9.875 percent would have a total interest charge of

Name: A loan of $1000 for one year carrying a simple interest rate of 9.875 percent would have a total interest charge of
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The total interest charge for a simple interest loan is calculated by multiplying the principal amount by the interest rate and the time period. For a $1000 loan at 9.875% for one year, the interest is $1000 * 0.09875 * 1 = $98.75.

A Loan of $1000 for One Year Carrying a Simple